I'm in that picture
Before we made the jacket last year, the actual conversion kit was exposed. Having seen both 40s and 111s conversion kit, 111s seems like it was made from much higher quality material, with more care given. 40s seems rather slapped tougether, with lots of sand voids in the material. The two halves of that mold were also misaligned by about half an inch on 40s engineers side valve.
My theory, is that IRCA bought Franklin kits when they started converting their engines in the 1930s, then copied the kits and made their own copies for less cost. 111 arms to have a pretty nice concersion, where as 40s looks to have less quality control.